Used as an intermediate in the synthesis of pharmaceuticals and biologically active compounds, particularly in the development of benzofuran-based drugs. It serves as a building block for heterocyclic compounds with potential antimicrobial, anti-inflammatory, and anticancer properties. Its reactive aldehyde functionality allows for condensation reactions, enabling the formation of imines, hydrazones, or other derivatives useful in medicinal chemistry. Also employed in organic research for constructing complex fused ring systems.